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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Loans receivable, including loan fees $ 167,556 $ 187,827 $ 513,575 $ 548,395
Investment securities 4,115 8,687 17,130 24,454
Federal Home Loan Bank stock 216 301 735 903
Deposits with banks 347 1,016 1,538 4,289
Total interest and dividend income 172,234 197,831 532,978 578,041
Interest Expense        
Time deposits 26,247 40,378 92,213 113,992
Other deposits 5,761 6,626 19,671 17,591
Advances from Federal Home Loan Bank 1,251 1,661 4,119 5,976
Long-term debt 1,456 1,948 4,336 6,087
Deferred payments from acquisition 15 93 115 502
Short-term borrowings 0 125 234 198
Total interest expense 34,730 50,831 120,688 144,346
Net interest income before provision/(reversal) for credit losses 137,504 147,000 412,290 433,695
Provision/(reversal) for credit losses (12,500) 2,000 (62,500) 2,000
Net interest income after provision/(reversal) for credit losses 125,004 149,000 349,790 435,695
Non-Interest Income        
Net (losses)/gains from equity securities (1,605) 364 (1,928) 7,764
Securities gains/(losses), net 0 (121) 1,153 (108)
Letters of credit commissions 1,792 1,602 4,992 4,733
Depository service fees 1,263 1,119 3,678 3,617
Other operating income 8,527 7,424 23,474 20,097
Total non-interest income 9,977 10,388 31,369 36,103
Non-Interest Expense        
Salaries and employee benefits 33,341 31,915 92,477 97,200
Occupancy expense 5,295 5,579 15,435 16,617
Computer and equipment expense 3,044 2,741 8,218 8,453
Professional services expense 5,241 5,952 15,586 17,209
Data processing service expense 3,772 3,246 11,004 9,737
FDIC and regulatory assessments 1,993 2,582 6,854 7,190
Marketing expense 1,089 2,436 3,890 5,556
Other real estate owned expense/(income) 423 190 (3,229) 839
Amortization of investments in low income housing and alternative energy partnerships 16,173 6,997 42,997 26,909
Amortization of core deposit intangibles 172 172 515 515
Other operating expense 5,454 3,770 14,672 15,871
Total non-interest expense 75,997 65,580 208,419 206,096
Income before income tax expense 58,984 93,808 172,740 265,702
Income tax expense 2,190 20,973 14,773 53,944
Net income 56,794 72,835 157,967 211,758
Other Comprehensive (Loss)/Income, net of tax        
Unrealized holding (losses)/gains on securities available-for-sale (2,496) 1,233 8,880 21,216
Unrealized holding gains/(losses) on cash flow hedge derivatives 532 (793) (3,981) (4,119)
Less: reclassification adjustments for gains/(losses) included in net income 0 (85) 812 (76)
Total other comprehensive (loss)/income, net of tax (1,964) 525 4,087 17,173
Total comprehensive income $ 54,830 $ 73,360 $ 162,054 $ 228,931
Net Income Per Common Share:        
Basic (in dollars per share) $ 0.71 $ 0.91 $ 1.98 $ 2.64
Diluted (in dollars per share) 0.71 0.91 1.98 2.64
Cash dividends paid per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.93 $ 0.93
Average Common Shares Outstanding:        
Basic (in shares) 79,628,372 79,736,814 79,599,288 80,096,855
Diluted (in shares) 79,764,318 79,993,830 79,758,943 80,330,616